DP World Authorized by Shareholders to Buy Back Shares

April 30 (Bloomberg) -- DP World Ltd., the world’s third-biggest port operator, said shareholders authorized the company
to buy back “a limited number of shares.”

The shareholders also “authorized the company to reduce
its share capital by canceling any or all of the ordinary shares
purchased,” the Dubai-based company said in a statement to
Nasdaq Dubai today.

DP World’s request for the “renewal of an existing
authority allowing the company to allot, or issue, up to a
limited number of shares -- 5 percent of the nominal value of
the issued and unconditionally allotted share capital of the
company -- free of pre-emption rights” was also approved by the
shareholders, it said.

“We have no plans for a buy back, but this resolution has
been included in the notice for the last four years and is there
for international best practice reasons and to retain
flexibility,” the company said in a separate statement.

DP World said earlier today gross container volumes handled
at its terminals rose 9.5 percent to 13.8 million twenty-foot
equivalent units in the first quarter. Excluding the
contribution from new capacity, like for like growth was 7.4
percent, it said.